Investment platform AJ Bell has posted another set of strong figures ahead of its potential IPO.

The Manchester-based group saw profits surge by 24 per cent to £13.9m for the six months ending March 31.

The news will only strengthen its position in the market as it looks to could go public on the London Stock Exchange by the end of the year or early 2019.

Among the other highlights were an increase in revenue by 16 per cent to £42.9m and a 12 per cent increase in customer numbers to 183,482.

It means assets under AJ Bell's administration are now worth £41.8bn.

The Board has declared an interim dividend payment of 14 pence per share.

As the business moves towards the IPO it has bolstered its Board with Eamonn Flanagan and Laura Carstensen coming in as new independent non-executive directors, chairing the Audit and Remuneration Committees respectively.

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Andy Bell, chief executive, said: "These are the most profitable interim results in our history and are a great endorsement of our strategy and market position.

“The UK retail investment and savings market continues to display strong growth and investment platforms are central to this. Our brand heritage, platform technology and positioning across both advised and direct-to-consumer markets enables us to benefit from this long term growth story.

“The need for people to provide financially for their future has never been greater and our focus is on making it easier for our customers to invest. Our propositions are designed to be easy to use, at a competitive price and we continue to focus on delivering a great customer experience, which is rewarded by the loyalty of our customers.